Peapack-Gladstone Financial (NASDAQ:PGC) Price Target Raised to $32.00 at Piper Sandler

Peapack-Gladstone Financial (NASDAQ:PGC) had its target price lifted by Piper Sandler from $30.00 to $32.00 in a research note released on Wednesday morning,Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

Several other research analysts have also weighed in on PGC. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Peapack-Gladstone Financial in a research report on Wednesday, October 8th. Wall Street Zen raised shares of Peapack-Gladstone Financial from a “sell” rating to a “hold” rating in a report on Friday, September 5th. Finally, Zacks Research upgraded Peapack-Gladstone Financial from a “strong sell” rating to a “hold” rating in a research note on Friday, October 17th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, Peapack-Gladstone Financial has a consensus rating of “Moderate Buy” and a consensus price target of $35.33.

Peapack-Gladstone Financial Trading Up 4.0%

NASDAQ PGC opened at $29.10 on Wednesday. The stock has a market capitalization of $511.00 million, a PE ratio of 15.00 and a beta of 0.73. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.16. Peapack-Gladstone Financial has a 52 week low of $23.96 and a 52 week high of $36.97. The firm has a 50 day moving average of $26.75 and a two-hundred day moving average of $27.51.

Peapack-Gladstone Financial (NASDAQ:PGC) last issued its quarterly earnings results on Wednesday, October 22nd. The financial services provider reported $0.54 earnings per share for the quarter. The firm had revenue of $70.93 million during the quarter. Peapack-Gladstone Financial had a return on equity of 5.51% and a net margin of 7.91%. As a group, research analysts expect that Peapack-Gladstone Financial will post 2.71 EPS for the current fiscal year.

Peapack-Gladstone Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 28th. Shareholders of record on Thursday, November 6th were issued a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend was Thursday, November 6th. Peapack-Gladstone Financial’s payout ratio is 10.31%.

Insider Transactions at Peapack-Gladstone Financial

In other Peapack-Gladstone Financial news, EVP Gregory Martin Smith sold 3,200 shares of the business’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $29.15, for a total value of $93,280.00. Following the transaction, the executive vice president directly owned 5,427 shares in the company, valued at $158,197.05. The trade was a 37.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Lisa Chalkan sold 2,500 shares of the firm’s stock in a transaction on Thursday, September 18th. The shares were sold at an average price of $29.65, for a total value of $74,125.00. Following the completion of the sale, the executive vice president owned 23,602 shares of the company’s stock, valued at approximately $699,799.30. This trade represents a 9.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 5,702 shares of company stock valued at $167,461. Corporate insiders own 7.63% of the company’s stock.

Institutional Investors Weigh In On Peapack-Gladstone Financial

Several large investors have recently made changes to their positions in PGC. Wellington Management Group LLP boosted its stake in Peapack-Gladstone Financial by 67.0% in the 3rd quarter. Wellington Management Group LLP now owns 1,138,723 shares of the financial services provider’s stock valued at $31,429,000 after purchasing an additional 456,828 shares during the period. Salzhauer Michael grew its stake in shares of Peapack-Gladstone Financial by 79.2% in the third quarter. Salzhauer Michael now owns 254,630 shares of the financial services provider’s stock worth $7,028,000 after purchasing an additional 112,504 shares during the last quarter. Two Sigma Investments LP boosted its holdings in Peapack-Gladstone Financial by 59.0% in the third quarter. Two Sigma Investments LP now owns 156,903 shares of the financial services provider’s stock valued at $4,331,000 after acquiring an additional 58,220 shares during the last quarter. Algert Global LLC grew its holdings in Peapack-Gladstone Financial by 111.7% during the 3rd quarter. Algert Global LLC now owns 110,179 shares of the financial services provider’s stock worth $3,041,000 after acquiring an additional 58,135 shares during the period. Finally, First Trust Advisors LP increased its stake in shares of Peapack-Gladstone Financial by 418.7% in the 3rd quarter. First Trust Advisors LP now owns 58,926 shares of the financial services provider’s stock valued at $1,626,000 after acquiring an additional 47,565 shares in the last quarter. Institutional investors and hedge funds own 72.75% of the company’s stock.

About Peapack-Gladstone Financial

Peapack-Gladstone Financial Corporation operates as the bank holding company for Peapack-Gladstone Bank that provides private banking and wealth management services in the United States. The company operates in two segments, Banking and Peapack Private. It offers checking and savings accounts, money market and interest-bearing checking accounts, certificates of deposit, and individual retirement accounts.